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Updated on Feb. 23.
- The average regular gas price in the U.S. as of Feb. 23 is $2.938 per gallon, according to AAA, down from $3.145 a year ago and up from $2.862 last month.
As of Feb. 23, gas prices are remaining steady and still lower than in most of 2025, according to AAA, which tracks fuel costs. Gas prices are below $3 in 41 states.
As it gets closer to spring, refineries will start making the switch back to producing a summer-blend, which is more expensive than the winter blend so prices may begin to rise soon.
The U.S. Energy Information Administration says the falling price of crude oil — accounting for half of retail gas prices — lowered prices at the pump in 2025. On a monthly average basis, the price of Brent crude oil dropped from $79 per barrel in January 2025 to $63 per barrel in December 2025 — its lowest average monthly price since the start of 2021, according to the EIA.
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Are oil prices going up?
Pump prices were stable over the summer and fell in the fall and winter, especially compared to recent years. Oil prices moderated at around $65 a barrel after spiking briefly in June in response to the Israel-Iran conflict. As of Feb. 17, prices had fallen below $63 per barrel.
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Gas price inflation, explained
It wasn’t that long ago that gas prices were soaring: Prices surged in 2021 and 2022, largely due to two economic disruptions: pandemic-related supply shocks and then Russia’s invasion of Ukraine. The combination of the two hit energy markets hard and prices never recovered to pre-pandemic levels.
Here’s what happened:
- In 2019, before the pandemic, the average per-gallon price of regular gas was $2.601, according to EIA data.
- Following Russia’s invasion of Ukraine, the national average increased before peaking at $5.016 per gallon on June 14, 2022, according to AAA.
- Since then, gas prices have retreated, but they haven’t returned to pre-pandemic levels. Today, gas prices are about 21% higher than they were six years ago.
Why gas prices remain higher than they used to be
At this time of year, seasonal factors play a considerable role in raising gas prices. A scheduled switch to summer-blend gasoline temporarily elevates prices through the warm months. Inflation, supply-chain disruptions and gas tax hikes can factor into higher prices, as well. But in the end, elevated oil prices are the main culprit.
The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to the U.S. Energy Information Administration (EIA). So, a major reason gas prices have remained so high is that, until recently, oil prices were higher than they were before the pandemic hit in 2020 and Russia invaded Ukraine in 2022. That’s based on the average monthly price of West Texas Intermediate crude, which is used as the benchmark for oil prices in North America.
Keep in mind that gas prices at the pump rarely reflect that day’s market conditions. Instead, they represent costs incurred weeks, even months before. That lag makes prices slower to rise and fall than news headlines might suggest. And while spot shortages, refinery production shortages or blending issues can drive up gas prices locally, big nationwide swings in gas prices are almost always due to the price of crude oil.
So far in 2026, fuel costs are much lower than they were a year ago. Here’s how gas prices compare today:
- As of Feb. 23, the average regular gas price in the U.S. is $2.938 per gallon, according to AAA, which tracks gas prices.
- The price is up slightly from $2.929 per gallon a week ago.
- The price is up from $2.862 per gallon a month ago.
- A year ago, the price was $3.145 per gallon.
Average gas price per state
The average gas price per state varies widely, with the most expensive state typically costing about $2 more per gallon of regular than the least expensive state.
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